Independencia Creditors Acquiesce in Workout

Nov 8, 2009

Creditors of Brazilian meat giant Independencia have approved the company’s debt restructuring plan. The deal involves taking a 50% NPV loss on $525m worth of 9.875% coupon 2015 and 2017 bonds and exchange them for a new 12.000% PIK note due 2016. Some 70% of creditors holding the...